During this morning’s [Nov 7] Throne Speech, the Government said that they will introduce legislation in this session to establish an America’s Cup Act, legislation that will be required for an America’s Cup World Series Racing Event in 2015.

Bermuda — along with San Diego — remains one of two contenders for the final stages of the America’s Cup in 2017, and the organisers have already confirmed that regardless of the outcome of that decision, the America’s Cup World Series will be coming to Bermuda in October of 2015, with racing to take place in the Great Sound.

The relevant portion of the Throne Speech said, “Bermuda’s pursuit of the America’s Cup is another example of the Government working to achieve economic growth and job creation.

“To that end, the Government will introduce legislation in this session to establish an America’s Cup Act — legislation that will be required for an America’s Cup World Series Racing Event in 2015, and, if Bermuda is ultimately selected, to host the America’s Cup Finals in June 2017.

“In the event Bermuda has the privilege of hosting the Cup Finals, experience from former host venues indicates it will have a powerful impact on our economy over the next three years, attracting worldwide attention and generating jobs, investment and revenue across multiple sectors including, hospitality, construction, transport, security, retail, wholesale, real estate and telecommunications.

“Hosting an event of this magnitude on Bermuda’s shores will require teamwork, support and participation from all spheres of our community and a continuation of the spirit and dedication of the team of private sector volunteers, civil servants and other professionals who have worked tirelessly together to advance Bermuda’s bid into the final two.

“The America’s Cup Event Authority is expected to make a decision between Bermuda and San Diego before the end of the year. Regardless of the final decision, Bermuda will benefit considerably by hosting the World Series Event in 2015.”

Comments (13)

LOL, so you think the government of BDA Is going to decide the rules of the Americas Cup? No wonder Bermuda is in the situation we find ourselves in!!

The AC Act will set up all the logistics for us to host this event. Just read:

“In the event Bermuda has the privilege of hosting the Cup Finals, experience from former host venues indicates it will have a powerful impact on our economy over the next three years, attracting worldwide attention and generating jobs, investment and revenue across multiple sectors including, hospitality, construction, transport, security, retail, wholesale, real estate and telecommunications.”

These events are not just thrown together, there are a lot of implications for an event of this magnitude .

What will drive the people away is if they are trying to set some parameters for the course or other infrastructure issues and someone objects that is well within the law, it will not be able to be done.

I think this bidding for this event is what you call bold thinking. Are you saying we would be better off not bothering? This would be a major boost to the economy and create many jobs off setting the outlay by government considerably.

That is a PR blitz, not logistics, not legal principles and certainly not laws.

But we can/will write into law ‘tax free’ concessions or what is otherwise known as ‘corporate welfare’.

Tax free concessions/corporate welfare for an event that is one of the wealthiest sports’ events in HISTORY.

Note, the event makes a profit for America’s Cup (the brand) – that will surely be written into the contract. But there is NO guarantee that that will translate into a profit to the public purse.

Many Bermudians can and/or possibly will make money, BUT that does NOT mean that the public purse will make a profit – there is NO guarantee here.

So, if no profit to the public purse, and if there is a shortfall to the public purse the Bermuda taxpayers ends up footing – an already unsustainable deficit (according to the trumpets of the OBA).

Who else will pay that bill, but the Bermudian taxpayers? Certainly not these millionaire yachtsmen who will have the pleasure of racing their multi million dollar yachts in Bermuda waters.

We once made the mistake of thinking that selling off the Bank of Bermuda Limited was a good thing, but we have not even been consulted by this Government even though this unprecedented event has ‘public interest’ legal principles.

The AC Act needs to provide concessions for international persons working on this (work permit issues), provide for international sponsors, hoteliers and providers (hopefully hire car companies) to operate here. And hopefully laws that ensure the public transport workers don’t go on a wild cat strike to celebrate….

We can’t afford to mess this up and get greedy showcasing everything that holds us back from competing. Would be nice to see some non-profiteering legislation!